The properties of discrete two-dimensional spin glasses depend strongly on the way the zero-temperature limit is taken. We discuss this phenomenon in the context of the Migdal–Kadanoff renormalization group. We see, in particular, how these properties are connected with the presence of a cascade of fixed points in the renormalization group flow. Of particular interest are two unstable fixed points that correspond to two different spin-glass phases at zero temperature. We discuss how these phenomena are related with the presence of entropy fluctuations and temperature chaos, and universality in this model.